Diversyifing revenue streams vital for traditional media

There is no silver bullet for solving the revenue problems faced by newspapers, according to Brian Harrison, digital director at Telegraph Media Group.

Speaking at an AOP event last week, Harrison argued that it is essential for the press to focus its energies on diversifying digital revenues in order to ensure survival.

An important part of brand success in the current financial climate is creating a loyal audience, said Harrison, focusing on elements such as website personalisation and downloadable applications to improve the user experience.

He also emphasised the importance of giving consumers the content they want via the platform they want to access it on.

Online display advertising, he added, is critical, although it “will not cover ‘the gap'” left by declining print revenues.

Gary Cole, online sales director, ITV and chair of AOP Commercial Committee, said: “It’s critical that traditional media diversify its revenue streams, and not only because of the financial situation at the moment.”

He emphasised that the objective for publishers, whether the market is up or down, is the same – maximising revenue.

AOP: www.aop.org.uk